Selected year-end financial statements of McCord Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2010, were inventory, $53,900; total assets, $219,400; common stock, $95,000; and retained earnings, $53,348.) McCORD CORPORATION Income Statement For Year Ended December 31, 2011 Sales $ 456,600 Cost of goods sold 297,050 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Gross profit 159,550 Operating expenses 98,900 Interest expense 4,600 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Income before taxes 56,050 Income taxes 22,579 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Net income $ 33,471 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- McCORD CORPORATION Balance Sheet December 31, 2011 Assets Liabilities and Equity Cash $ 10,000 Accounts payable $ 19,500 Short-term investments 8,400 Accrued wages payable 4,400 Accounts receivable, net 31,200 Income taxes payable 4,600 Notes receivable (trade)* 7,500 Long-term note payable, secured Merchandise inventory 34,150 by mortgage on plant assets 67,400 Prepaid expenses 2,800 Common stock 95,000 Plant assets, net 154,300 Retained earnings 57,450 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Total assets $ 248,350 Total liabilities and equity $ 248,350 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- * These are short-term notes receivable arising from customer (trade) sales. Required: Compute the following. (Use 365 days a year. Do not round intermediate calculations and round your final answers to 1 decimal place. Omit the "%" sign in your response): (1) Current ratio to (2) Acid-test ratio to (3) Days' sales uncollected (including note) days (4) Inventory turnover times (5) Days' sales in inventory days (6) Debt-to-equity ratio to (7) Times interest earned times (8) Profit margin ratio % (9) Total asset turnover times (10) Return on total assets % (11) Return on common stockholders' equity %